Traders watch XRP, ETH, SOL and HYPE now that Bitcoin trades below $100K

Bitcoin plunged below the psychological $100,000 support on Sunday, reportedly due to market reaction to a US strike on Iran, which subsequently triggered a broader crypto sell-off pulling major altcoins like ETH, XRP, SOL, and HYPE below their respective support levels. Technical indicators across these assets, including bearish moving average crossovers and negative RSIs, confirm a dominant "risk-off" sentiment, with Bitcoin potentially targeting $93,000. While some analysts retain long-term bullish views, the immediate outlook points to continued bearish control, requiring significant price reclamation for a reversal.

Analysis

The cryptocurrency market is undergoing a significant risk-off event, catalyzed by a reported US strike on Iran that pushed Bitcoin below the critical $100,000 psychological support level. This breach has triggered a broader market contagion, pulling major altcoins such as Ether (ETH), XRP, Solana (SOL), and Hyperliquid (HYPE) below their own key support levels, confirming widespread bearish sentiment. Technical indicators across the board are negative; Bitcoin has broken its 50-day SMA ($104,788), its moving averages are nearing a bearish crossover, and its RSI is in negative territory, suggesting a potential move towards the $93,000-$94,000 zone or even a pattern target of $89,420. Similarly, Solana has completed a bearish head and shoulders pattern with a target of $93, while Ether is threatening support at $2,111 with a potential downside to $1,754. While some analysts like Raoul Pal maintain a long-term bullish outlook comparing the cycle to 2017, the immediate price action and technical breakdowns indicate that bears are firmly in control, and any recovery will face significant resistance at recently broken support levels.

Key Decisions for Investors

• Given the broad-based breakdown across major digital assets and the confirmation of bearish technical patterns, investors should prioritize risk management and consider tightening stop-losses on existing long positions.
• Traders should view any near-term relief rallies, suggested by oversold RSI conditions in assets like XRP and SOL, as potential opportunities to reduce exposure, as strong resistance is now expected at former support levels such as $140 for SOL and $2 for XRP.
• For long-term bulls, exercising patience is crucial; key downside targets such as the $93,000-$94,000 zone for Bitcoin and the $28.50 breakout level for Hyperliquid should be monitored as potential accumulation zones, pending signs of price stabilization.
• A sustained close back above the 50-day SMA for bellwethers like Bitcoin and Ether would be the first significant signal that selling pressure is abating and that a more meaningful recovery could be underway.